- Stablecoins could surpass a $2 trillion market cap by 2028, driven by rising global demand, U.S. Treasury backing, and potential regulatory clarity through the GENIUS Act.
- Treasury Secretary Scott Bessent highlighted the critical role of T-bills in stablecoin reserves, with Tether alone holding $119 billion in U.S. Treasury bills.
The stablecoin market could be on the verge of explosive growth, according to U.S. Treasury Secretary Scott Bessent. While speaking before the Senate Appropriations Committee on June 11, Bessent forecasted that stablecoins could surpass a $2 trillion market cap by 2028, marking an 8X jump from the current $251 billion level.
He emphasized the importance of legislation, stating, “I believe stablecoin legislation backed by the U.S. treasuries, T-bills, will expand U.S. dollar usage via the stablecoins all around the world. $2T is reasonable, but I see it exceeding that.”
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GENIUS Act Clears Key Hurdle, Fueling Optimism
One significant step in that direction is the GENIUS Act, a Senate bill that recently passed a key vote and could see full enactment by Q3. If passed, the bill would create a regulatory framework for U.S.-based stablecoin issuers, enhancing legal clarity, investor protection, and compliance with anti-money laundering standards.
The bill’s progress coincides with surging investor confidence. Circle, the issuer of the USDC stablecoin, saw its stock (CRCL) soar over 300% following its IPO — a clear indication of pent-up demand in the sector.
Tether’s T-Bill Reserves Highlight Stablecoin-Treasury Link
The Treasury has also recognized the growing role of stablecoins in the T-bill market. As of Q1 2025, Tether — issuer of the largest stablecoin USDT — held $119 billion in U.S. Treasury bills, making it the 19th largest net buyer. In fact, 81% of Tether’s reserves are composed of T-bills, underlining stablecoins’ role in supporting U.S. debt markets.
Circle holds a similar reserve structure for USDC, further solidifying the link between stablecoins and the broader financial system.
A $2 Trillion Future Is Within Reach
With the market already growing over 50X in five years, and major players like Tether and Circle leading the charge, the $2 trillion prediction is not just bold—it’s increasingly plausible. Stablecoins are rapidly becoming essential tools in global commerce and remittances, and with regulatory clarity on the horizon, the sector could be set for its next big leap.